By Greg Bensinger
EBay Inc. payments unit PayPal said Thursday that it plans to
trade on the Nasdaq Stock Market when the two companies split later
this year.
In addition, both companies also announced their respective
boards.
PayPal said it would trade under the ticket symbol "PYPL," which
is the same symbol that the San Jose, Calif., company used before
being acquired by eBay in 2002 for about $1.5 billion.
EBay and PayPal plan to split into separate publicly traded
companies sometime in the third quarter. They didn't provide any
more specific timing on Thursday.
Ebay's board will be chaired by current eBay director Thomas
Tierney and include nine other current eBay directors or
executives. PayPal's board will be chaired by eBay Chief Executive
John Donahoe and eight other current eBay directors or PayPal
executives.
The companies have disclosed an operating agreement that will
keep them closely aligned for at least five years, including a
requirement that 80% of gross merchandise sales on eBay.com still
flow through PayPal.
George Stahl contributed to this article.
Write to Greg Bensinger at greg.bensinger@wsj.com
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